14 Frugal Living Tips to Actually Help You Save Money
If you are trying to take control of your finances, frugal living can be the answer. Living a frugal lifestyle can help you save money, pay off debt, or save for vacations. Some may think frugal living means being cheap or never buying anything.
What is frugal living?
Frugal people make economical choices with their finances and other resources. For instance, they might choose to cook at home instead of eating out, or they might opt for public transportation instead of owning a car.
So, frugal living means making better money choices that align with their values or goals, not because they are trying to keep up with everyone else.
They are careful how they spend their money, spending less and saving more. Living frugally can be difficult initially, but it gets a little easier when these tips become habits.
My journey into frugal living began during our IVF treatments, a time when financial strain was high. Over four years later, we have a toddler, and I still embrace this lifestyle. Frugal living has helped us financially and allowed me to stay home with our toddler, a dream I might not have achieved if I hadn’t changed my spending habits.
I started by cutting down on unnecessary expenses and finding ways to save money, and it has made a significant difference in our financial situation.
Benefits of frugal living
A frugal lifestyle has many benefits that can make frugal living much more achievable.
- Reach financial goals—Frugal living can help you reach a financial goal quickly. For instance, by cutting down on unnecessary expenses, you can save a significant amount of money each month, which can be used to pay off debts or invest in a business.
- Reduce Stress- Living a frugal lifestyle can bring a sense of security and peace of mind. By saving money, you can create a safety net that can cushion you in times of emergency, such as a job loss or a medical crisis. This financial security can significantly reduce stress, allowing you to focus on other aspects of your life.
- Do what you enjoy– Frugal living offers a unique freedom- the freedom to do what you genuinely enjoy. No longer are you bound to a job you dislike to make ends meet. Instead, by living frugally, you can align your work with your passions and interests, allowing you to find fulfillment in your work.
14 tips for frugal living
What are you trying to achieve by living frugally? There are many ways to adopt a frugal lifestyle to help you achieve your goals, whether you want to work less or reach a financial goal. Let me give you a few tips that have personally worked for me and see which ones work for you.
- Plan ahead
This is probably one of my favorites for seeing the big picture for the coming month. I know what events, like holidays, birthdays, or vacations, might be coming. Then, I check what I need and see how much I will spend. Yes, there might be times when I choose not to buy new things or take a pass to an event. Then, I look at how we did for the past month to help me prepare for the coming month.
You can read my How Loud Budgeting Can Help You Achieve Your Financial Goals here.
- Track and cut your expenses
Tracking your monthly expenses can help you see where most of your money goes. I mean writing it down on paper, not just looking through your bank account since you only see the store and the amount you spent there.
For example, you shopped at Walmart and paid $45.00. Later, in a few weeks, you will forget if you bought necessary or unnecessary items. Writing it down can help you know precisely what you are spending on.
I have done this for years, and sometimes, I won’t buy something to avoid having to write it down. This will also help you decide on future spending. If you have already spent more than you would like, you can stop spending on that category for the rest of the month.
Cut your expenses as much as possible. For example, unsubscribe to all subscriptions except for one of your favorites. Cancel gym memberships, cut the cable, and see if you can lower your phone bill.
- Shop second-hand first
When you need something, you should try to purchase it second-hand first. There are plenty of things you can buy that are gently used and still have plenty of use left, including furniture, books, kids’ toys, clothing, decorations, etc.
- Shop quality over quantity
Buying quality over quantity will save you money in the long run. Quality clothing will last longer than cheaper, less expensive clothing. When you are ready to donate the item, the clothes will last longer and be in better condition, giving them another chance for someone else to use. Do this with other items like towels, hand towels, bedding, furniture, or appliances.
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- Frugal meal planning
Making frugal meals can help save money with your meals. First, shop your pantry and refrigerator and see what meals you can make to avoid wasting items. Buy your meats, fruits, and vegetables as needed weekly or bi-weekly to prevent them from going bad.
A bag of potatoes can make mashed potatoes, potato salad, french fries, hashbrowns, and much more. Meal prep and enjoy leftovers for your lunch and dinner. Those $10 lunches do add up.
- Live below your means
By spending less than we make, we can avoid going into debt and work on increasing our savings.
- Earn before you spend
We probably do this when we live paycheck to paycheck, which keeps us living that way. I know I was guilty of doing this. I had money left over before my next paycheck for a bill that was coming up, and since I knew payday was coming in a few days, I would spend what I had, making myself think I had money. But in reality, that money was for a bill.
Also, avoid using credit cards cause if you do not have the money to buy those jeans in cash, you cannot afford those jeans or whatever you want if you need to use your credit card.
- Save before you spend
One of the first things we should do when we get paid is invest in a retirement account, pay for living expenses, pay off any debt, and then transfer some money into our savings account. Saving money before you spend will help keep you from living paycheck to paycheck.
That money can be used for emergencies like car problems, job loss, or medical. If you want to learn more about finances, I highly recommend the book I Will Teach You to be Rich by Ramit Seth
- Make a copy of your favorite beverage
Once in a while, it is okay to enjoy your favorite seasonal coffee or beverage. But it can add up if you do it more than once a week. Not only does this add up, but it takes time to go and grab the drink.
For example, I enjoyed the iced lavender cream oat milk matcha from the spring menu, and I bought one once a week. But the time it would take me to drive there, order, and drive back was what got me to buy the ingredients and make a copy at home. Not only does it save me time, but it saves me money.
- Avoid fashion trends
Fashion trends come and go, and some may not be comfortable. Buy what you enjoy and feel comfortable in, not just following trends. You can try a capsule wardrobe to avoid decision fatigue when getting ready and to save money.
- Avoid debt
It is unbelievable how much interest a credit card or loan charges on interest. Ultimately, you are paying more for the item than it costs due to the interest. You are wasting more money due to the interest, which keeps you living paycheck to paycheck.
Avoid debt by saving up for purchases and buying when you can afford to pay for the purchase in full and not on a credit card.
- Think twice before a purchase
When buying something new, think before you make the purchase. Do you have something similar at home? Where will you put this item? Can you afford this item? Can this item wait for next time? Asking yourself all these questions will keep you from purchasing items you do not need or can’t afford.
- Avoid one-time-use products
It may not be easy to buy all one-time products at once. However, purchasing these eco-friendly items little by little can save you money in the long run. Start by not buying plastic water bottles. Instead, use a reusable water bottle. Do not use plastic straws. Use reusable straws, reusable makeup remover pads, and reusable paper towels.
Again, start purchasing reusable items little by little to avoid spending on one-time-use products.
Related posts
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- Frugal exercise
There are different ways to exercise without paying for a gym membership. You can walk, jog, or run in your neighborhood for cardio. You can use Netflix or YouTube to watch workout videos while at home. Later, you can add weights or exercise equipment to your exercise routine.
Find what works for you that does not require having to pay monthly. Driving to the gym takes time, and you waste gas. This can lead to you not going to the gym, and you lose on exercise and money spent on the membership.
Final thoughts
Living a frugal lifestyle can help you achieve goals. You do not need to follow all the tips at once, but start with a few and slowly add a few more. These will then become habits, and it will be easier to live a frugal lifestyle.
Comment below and let me know what you think about frugal living and if you plan on living a frugal lifestyle.